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The main argument to establish 'Special Economic Zones' in India is:
1. To give a boost to export of manufactured goods
2. To promote export of agricultural goods
3. To give a boost to domestic demand for manufactured goods.
4. None of the above

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Correct Answer - Option 1 : To give a boost to export of manufactured goods

The correct answer is To give a boost to export of manufactured goods.

  • The main objectives of the SEZ Scheme are:
    • Generation of additional economic activity.
    • Promotion of exports of goods and services.
    • Promotion of investment from domestic and foreign sources.
    • Creation of employment opportunities.
    • Development of infrastructure facilities.

  • SEZs in India was announced by the government in March 2000.
  • It provides a stable economic environment for the promotion of Export-import of goods in a quick, efficient, and hassle-free manner.
  • Facilities and incentives for SEZs
    • Duty-free import/domestic procurement of goods for development, operation, and maintenance of SEZ units.
    • Exemption from Minimum Alternate Tax (MAT).
    • Income tax exemption on export income for SEZ units under the Income Tax Act for the first 5 years, 50% for the next 5 years thereafter, and 50% of the plowed back export profit for the next 5 years.
    • Single window clearance for Central and State level approvals.
    • In the manufacturing sector, barring a few segments, 100% FDI is allowed.

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